OB:SSG

Stock Analysis Report

Executive Summary

Self Storage Group ASA engages in the operation and rental of self-storage units to private individuals and businesses in Norway, Sweden, and Denmark.

Rewards

Trading at 12.2% below its fair value

Earnings are forecast to grow 16.56% per year

Earnings grew by 44.8% over the past year

Risk Analysis

Shareholders have been diluted in the past year



Snowflake Analysis

Solid track record with mediocre balance sheet.


Similar Companies

Share Price & News

How has Self Storage Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SSG has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.1%

SSG

-0.4%

NO Commercial Services

-0.8%

NO Market


1 Year Return

50.6%

SSG

15.4%

NO Commercial Services

4.9%

NO Market

Return vs Industry: SSG exceeded the Norwegian Commercial Services industry which returned 15.1% over the past year.

Return vs Market: SSG exceeded the Norwegian Market which returned 4.5% over the past year.


Shareholder returns

SSGIndustryMarket
7 Day1.1%-0.4%-0.8%
30 Day-1.5%-0.004%1.1%
90 Day23.2%6.0%3.6%
1 Year50.6%50.6%19.0%15.4%10.5%4.9%
3 Yearn/a13.8%3.9%31.4%15.1%
5 Yearn/a35.1%14.6%64.3%26.9%

Price Volatility Vs. Market

How volatile is Self Storage Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Self Storage Group undervalued compared to its fair value and its price relative to the market?

13.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SSG (NOK28.5) is trading below our estimate of fair value (NOK32.46)

Significantly Below Fair Value: SSG is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: SSG is poor value based on its PE Ratio (24.5x) compared to the Commercial Services industry average (18.4x).

PE vs Market: SSG is poor value based on its PE Ratio (24.5x) compared to the Norwegian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: SSG is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: SSG is overvalued based on its PB Ratio (2.4x) compared to the XE Commercial Services industry average (1.7x).


Next Steps

Future Growth

How is Self Storage Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

11.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SSG's forecast earnings growth (16.6% per year) is above the savings rate (0.7%).

Earnings vs Market: SSG's earnings (16.6% per year) are forecast to grow slower than the Norwegian market (20.2% per year).

High Growth Earnings: SSG's earnings are forecast to grow, but not significantly.

Revenue vs Market: SSG's revenue (11.8% per year) is forecast to grow faster than the Norwegian market (3.2% per year).

High Growth Revenue: SSG's revenue (11.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SSG's Return on Equity is forecast to be low in 3 years time (9.2%).


Next Steps

Past Performance

How has Self Storage Group performed over the past 5 years?

34.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SSG has high quality earnings.

Growing Profit Margin: SSG's current net profit margins (32%) are higher than last year (24.2%).


Past Earnings Growth Analysis

Earnings Trend: SSG's earnings have grown significantly by 34.7% per year over the past 5 years.

Accelerating Growth: SSG's earnings growth over the past year (44.8%) exceeds its 5-year average (34.7% per year).

Earnings vs Industry: SSG earnings growth over the past year (44.8%) exceeded the Commercial Services industry 6.2%.


Return on Equity

High ROE: SSG's Return on Equity (8.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Self Storage Group's financial position?


Financial Position Analysis

Short Term Liabilities: SSG's short term assets (NOK139.9M) do not cover its short term liabilities (NOK237.3M).

Long Term Liabilities: SSG's short term assets (NOK139.9M) do not cover its long term liabilities (NOK738.4M).


Debt to Equity History and Analysis

Debt Level: SSG's debt to equity ratio (35.5%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if SSG's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: SSG's debt is well covered by operating cash flow (36.7%).

Interest Coverage: SSG's interest payments on its debt are well covered by EBIT (6.9x coverage).


Balance Sheet

Inventory Level: SSG has a high level of physical assets or inventory.

Debt Coverage by Assets: SSG's debt is not covered by short term assets (assets are 0.4x debt).


Next Steps

Dividend

What is Self Storage Group's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.4%markettop25%5.5%industryaverage2.9%forecastin3Years0%

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate SSG's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate SSG's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if SSG's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if SSG's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of SSG's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

What is the CEO of Self Storage Group's salary, the management and board of directors tenure and is there insider trading?

4.0yrs

Average management tenure


CEO

Fabian Søbak 0

4yrs

Tenure

kr535,000

Compensation

Mr. Fabian Emil Søbak has been the Chief Executive Officer at Self Storage Group ASA since 2016. Mr. Søbak co-founded OK Minilager AS together with his father, Gustav Søbak, in 2009. Since then, he has hel ...


CEO Compensation Analysis

Compensation vs Market: Fabian's total compensation ($USD60.27K) is below average for companies of similar size in the Norwegian market ($USD485.40K).

Compensation vs Earnings: Fabian's compensation has increased by more than 20% in the past year.


Management Age and Tenure

4.0yrs

Average Tenure

Experienced Management: SSG's management team is considered experienced (4 years average tenure).


Board Age and Tenure

2.3yrs

Average Tenure

Experienced Board: SSG's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: SSG insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Sellkr11,231,48917 Jan 20
Yvonne Sandvold
EntityIndividual
Role
Member of the Board of Directors
Director
Shares415,584
Max Pricekr27.03
Buykr519,234,47417 Jan 20
Centerbridge Partners, L.P.
EntityCompany
Shares19,230,909
Max Pricekr27.00
Sellkr9,309,73417 Jan 20
Hanekamb Invest AS
EntityCompany
Shares344,805
Max Pricekr27.00

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10%.


Management Team

  • Gustav Søbak

    COO & Director

    • Tenure: 3.2yrs
    • Compensation: kr100.00k
  • Fabian Søbak

    Chief Executive Officer

    • Tenure: 4yrs
    • Compensation: kr535.00k
  • Cecilie Margrethe Hekneby

    Chief Financial Officer

    • Tenure: 5yrs
    • Compensation: kr1.40m
  • Lauras Melnikas

    Growth Manager

    • Compensation: kr961.00k
  • Isak Larsson

    General Manager of CSS

    • Tenure: 3yrs
    • Compensation: kr1.59m
  • Bente Myhre

    Group Financial Controller


    Board Members

    • Ingrid Leisner (51yo)

      Director

      • Tenure: 1.7yrs
    • Yvonne Sandvold

      Director

      • Tenure: 2.3yrs
      • Compensation: kr100.00k
    • Runar Vatne

      Chairman

      • Compensation: kr100.00k
    • Gustav Søbak

      COO & Director

      • Tenure: 3.2yrs
      • Compensation: kr100.00k

    Company Information

    Self Storage Group ASA's company bio, employee growth, exchange listings and data sources


    Key Information

    • Name: Self Storage Group ASA
    • Ticker: SSG
    • Exchange: OB
    • Founded: 1993
    • Industry: Diversified Support Services
    • Sector: Commercial Services
    • Market Cap: kr1.781b
    • Shares outstanding: 65.73m
    • Website: https://www.selfstoragegroup.no

    Number of Employees


    Location

    • Self Storage Group ASA
    • Karenslyst Allé 2
    • Oslo
    • Oslo
    • 278
    • Norway

    Listings

    TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
    SSGOB (Oslo Bors)YesOrdinary SharesNONOKOct 2017
    SSGOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKOct 2017

    Biography

    Self Storage Group ASA engages in the operation and rental of self-storage units to private individuals and businesses in Norway, Sweden, and Denmark. The company operates through OK Minilager, City Self-Storage, and Property segments. It operates climate controlled storage units and container based storage units. The company also retails storage ancillary goods, such as boxes, tapes, and bubble-wraps; distributes insurance products; and invests in, owns, and develops real estate properties. As of November 04, 2019, it operated 110 facilities with a total lettable area of 134,900 square meters across Scandinavia. The company was founded in 1993 and is headquartered in Oslo, Norway. 


    Company Analysis and Financial Data Status

    All financial data provided by Standard & Poor's Capital IQ.
    DataLast Updated (UTC time)
    Company Analysis2020/01/26 22:48
    End of Day Share Price2020/01/24 00:00
    Earnings2019/09/30
    Annual Earnings2018/12/31


    Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.